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New options to help fund the Fort Smith PD and Firefighter retirement plans

40/29's Pedro Rivera reports on the new options the Fort Smith board of directors is looking at to help add funding to the Arkansas Local Police and Fire Retirement System so that it is not depleted by 2021.

New options to help fund the Fort Smith PD and Firefighter retirement plans

40/29's Pedro Rivera reports on the new options the Fort Smith board of directors is looking at to help add funding to the Arkansas Local Police and Fire Retirement System so that it is not depleted by 2021.

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Updated: 8:08 AM CDT Jun 23, 2015

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WEBVTT IN ROGERS, YUNA LEE, 40/29 NEWS. THANK YOU. TODAY THE CITY OF FORT SMITH WILL CONSIDER DIFFERENT OPTIONS TO HELP FUND RETIREMENT PLANS FOR POLICE AND FIREFIGHTERS. 40/29'S PEDRO RIVERA IS LIVE TO TELL US SOME OF THE OPTIONS AND HOW IT CAN HELP YOU. PEDRO? THE FORT SMITH BOARD OF DIRECTORS WILL HAVE TO COME UP WITH WAYS TO RAISE MONEY FOR THEIR FUND THAT COULD AFFECT YOU IF THAT MEANS RAISING FEES OR CUTTING SERVICES. ONE OPTION THE BOARD WILL CONSIDER IS ADDING BUSINESS LICENSE FEES. ACCORDING TO THE AGENDA THAT COULD RAISE AROUND $1.4 MILLION. ANOTHER OPTION WOULD BE TO INCREASE FRANCHISE FEES ON ELECTRIC, TELEPHONE, AND GAS FEES IN THE CITY. THE BOARD OF DIRECTORS WILL ALSO CONSIDER USING SOME MONEY THAT IS SUPPOSED TO GO TO SOME LOCAL NON-PROFITS AGENCIES AND USING GENERAL FUNDS. RIGHT NOW, THE ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM IS EXPECTED TO BE DEPLETED BY 2021. IF THE TREND CONTINUES AS IS, THE DEFICIT WILL GROW TO OVER $3 MILLION BY 2026. THE BOARD WILL MEET TONIGHT AT 6 IN THE RIVER PARKS EVENTS BUILDING. LIVE IN FORT SMITH, PEDRO RIVERA, 40/29 NEWS. THE BOARD OF DIRECTORS WILL ALSO APPOINT A NEW COMMISSIONER FOR THE FORT SMITH HOUSING

New options to help fund the Fort Smith PD and Firefighter retirement plans

40/29's Pedro Rivera reports on the new options the Fort Smith board of directors is looking at to help add funding to the Arkansas Local Police and Fire Retirement System so that it is not depleted by 2021.